Colliers International Group Inc. · TSX:CIGI
Colliers International — Q4 2025 Earnings Presentation
21 slides from Colliers International's earnings presentation, Feb 13, 2026
Slide 1: 2025 Fourth Quarter Results
REAL ESTATE SERVICES | ENGINEERING | INVESTMENT MANAGEMENT 2025 Results February 13, 2026 Quarter Fourth
Slide 2: Highlights
Colliers 2 Highlights (US $ millions, except per share amounts) Three months ended %Change 2025 2024 December 31 USD LC (1) Revenues 1,606.5 1,501.6 7% 5% Net Revenues 1,428.1 1,312.8 9% 7% Adjusted EBITDA 245.1 225.3 9% 6% • Solid 2025 results with full year local currency internal Adjusted EBITDA
Slide 3: A Different Kind of Company
Colliers 3 A Different Kind of Company Global diversification with 70%+ recurring earnings 2025 Revenue 2025 AEBITDA by Segment by Segment 22% 31% Commercial Real Estate 63% 71% Engineering Recurring Recurring 49% Investment Management 10% 59% 29% Please refer to Appendix
Slide 4: Fourth Quarter Consolidated Revenues
Colliers 4 Fourth Quarter Consolidated Revenues (US$ millions) 1,606.5 Revenues Investment 1,501.6 % Change over Q4 2024 USD LC Management 143.7 136.6 Investment Management 5% 4% Engineering 433.0 Engineering 3% 1% 421.4 Commercial Real Estate 9% 7% Total 7% 5% Net Revenues Commercial Real Estate 1,
Slide 5: Commercial Real Estate
Colliers 5 Commercial Real Estate Fourth Quarter, US$ millions Revenues AEBITDA Subconsultant • Robust growth in Capital Markets, led by the US with 1,029.7 more modest gains in most other markets versus a and other direct 943.5 costs 63.0 strong prior year comparative 54.8 Outsourcing 299.0 273.7 •
Slide 6: Engineering
Colliers 6 Engineering Fourth Quarter, US$ millions Revenues AEBITDA 433.0 421.4 Subconsultant • Revenues tempered by lower pass-through costs and other direct 103.9 121.2 primarily in project management operations costs • Continued infrastructure, urbanization, and energy transition tailwinds 40.8
Slide 7: Investment Management
Colliers 7 Investment Management Fourth Quarter, US$ millions Revenues AEBITDA 143.6 Pass-through 136.6 • Favourable impact of a recent acquisition performance 11.6 12.8 fees • Net margin impacted by investments to unify the platform under the Harrison Street Asset Management brand 132.1 56.2 123.8
Slide 8: Capitalization & Capital Allocation
Colliers 8 Capitalization & Capital Allocation (US$ millions) December 31, 2025 December 31, 2024 Cash $ 207.9 $ 176.3 • Generated $352 million of free cash flow in 2025, reinvested in strategic growth Total Debt 1,633.5 1,508.5 Net Debt $ 1,425.6 $ 1,332.2 • December 31, 2025 leverage ratio of 2.0x
Slide 9: Ayesa Engineering
Colliers 9 Ayesa Engineering Strategic opportunity to fill geographic whitespace in Engineering Ayesa Engineering TRANSACTION SNAPSHOT • Founded in 1966 and headquartered in Seville, Spain (Figures in US$ millions) • Operates in 21 countries with more than 3,200 total professionals Expected close La
Slide 10: 2026 Outlook
Colliers 10 2026 Outlook Commercial Real Low teens revenue and net revenue growth on stronger Capital Markets and Leasing activity Estate Net AEBITDA margin expected to be up modestly 25%+ revenue and net revenue growth on solid internal growth and acquisitions, including Ayesa Engineering Engineeri
Slide 11: Appendix: Reconciliation of non-GAAP Measures
Colliers 11 Appendix Reconciliation of non-GAAP Measures
Slide 12: Reconciliation of GAAP earnings to adjusted EBITDA
Colliers 12 Reconciliation of GAAP earnings to adjusted EBITDA Three months ended Twelve months ended (US$ thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net earnings $ 86,530 $ 81,496 $ 224,553 $ 236,936 Income tax 31,078 18,699 80,154 74,177 Other income, includ
Slide 13: Reconciliation of GAAP earnings to adjusted net earnings and adjusted EPS
Colliers 13 Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share Three months ended Twelve months ended (US$ thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net earnings $ 86,530 $ 81,496 $ 224,553 $ 236,936 Non-controlling inter
Slide 14: Reconciliation of net cash flow from operations to free cash flow
Colliers 14 Reconciliation of net cash flow from operations to free cash flow Three months ended Twelve months ended (US$ thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net cash provided by operating activities $ 256,693 $ 215,307 $ 330,140 $ 326,009 Contingent ac
Slide 15: Reconciliation of revenues to net revenues – Quarterly
Colliers 15 Reconciliation of revenues to net revenues – Quarterly Commercial Real Investment 1 (US$ thousands) Estate Engineering Management Corporate Consolidated Three months ended December 31, 2025 Revenues $ 1,029,652 $ 433,027 $ 143,650 $ 216 $ 1,606,545 Subconsultant and other direct costs (6
Slide 16: Reconciliation of revenues to net revenues – Full Year
Colliers 16 Reconciliation of revenues to net revenues – Full Year Commercial Real Investment 1 (US$ thousands) Estate Engineering Management Corporate Consolidated Twelve months ended December 31, 2025 Revenues $ 3,290,578 $ 1,734,940 $ 532,274 $ 670 $ 5,558,462 Subconsultant and other direct costs
Slide 17: Other Non-GAAP Measures
Colliers 17 Other Non-GAAP Measures Local currency revenue and adjusted EBITDA growth rate Fee paying assets under management and internal revenue growth rate measures We use the term fee paying assets under management (“FPAUM”) to represent only the Percentage revenue and adjusted EBITDA variances
Slide 18: Appendix: Full Year Segment Results
Colliers 18 Appendix Full Year Segment Results
Slide 19: Commercial Real Estate
Colliers 19 Commercial Real Estate Full Year, US$ millions Revenues AEBITDA Subconsultant 3,290.6 and other direct 3,071.6 • Capital Markets revenues accelerated through the 226.1 year across all asset classes and geographies costs 212.7 Outsourcing 1,000.6 936.2 • Leasing revenues up versus a stron
Slide 20: Engineering
Colliers 20 Engineering Full Year, US$ millions Revenues AEBITDA 1,734.9 Subconsultant and other direct 429.1 costs 1,237.4 • Favourable impact of recent acquisitions and solid internal net revenue growth 306.1 1,305.8 164.7 • Net margin benefitted from full year productivity Engineering 109.9 gains
Slide 21: Investment Management
Colliers 21 Investment Management Full Year, US$ millions Revenues AEBITDA 532.3 Pass-through 512.6 performance 36.7 fees 23.6 • Favourable impact of a recent acquisition and higher fee-paying assets under management 495.6 489.0 214.8 213.7 • Prior year included catch-up fees from certain funds Mana
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